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PhotoMedex Reports Third Quarter 2012 Financial Results

SAFE HARBOR STATEMENT

Some portions of the conference call, particularly those describing PhotoMedex' strategies, operating expense reductions and business plans will contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any statements of the plans, strategies and objectives of management for future operations; any statements regarding product development, product extensions, product integration or product marketing; any statements regarding continued compliance with government regulations, changing legislation or regulatory environments; any statements of expectation or belief and any statements of assumptions underlying any of the foregoing. In addition, there are risks and uncertainties related to successfully integrating the products and employees of the Company and Radiancy, as well as the ability to ensure continued regulatory compliance, performance and/or market growth. These risks, uncertainties and other factors, and the general risks associated with the businesses of the Company described in the reports and other documents filed with the SEC, could cause actual results to differ materially from those referred to, implied or expressed in the forward-looking statements. The Company cautions readers not to rely on these forward-looking statements. All forward-looking statements are based on information currently available to the Company and are qualified in their entirety by this cautionary statement. The Company anticipates that subsequent events and developments will cause its views to change. The information contained in this conference call speaks as of the date hereof and the Company has or undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

-- Financial Statements follow --

 

PHOTOMEDEX, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

           
Three Months Ended Sept. 30, Nine Months Ended Sept. 30,
(ooo's) except per share amounts 2012       2011* 2012       2011*
 
Revenues $ 56,681 $ 34,745 $ 165,860 $ 103,333
 
Cost of revenues   11,281     8,142     34,870     20,054  
Gross profit   45,400     26,603     130,990     83,279  
 
Operating expenses:
Selling and marketing 28,285 15,468 85,188 45,505
General and administrative 6,231 4,540 22,593 36,279
Research and development and engineering   628     281     2,146     700  
35,144 20,289 109,927 82,484
Operating income 10,256 6,314 21,063 795
Interest and other financing income (expense), net   (231 )   (91 )   (862 )   101  
 
Income before taxes expense 10,025 6,223 20,201 896
 
Income tax expense (benefit)   2,500     1,974     3,606     (1,393 )
 
Net income 1 $ 7,525   $ 4,249   $ 16,595   $ 2,289  
 
Net income per share:
Basic $ 0.35 $ 0.34 $ 0.83 $ 0.21
Diluted $ 0.35 $ 0.32 $ 0.81 $ 0.20
 
Shares used in computing net income per share:
Basic 21,206 12,342 20,001 10,952
Diluted 21,753 13,183 20,549 11,671
 
1 Includes: depreciation and amortization 1,402 90 4,176 274
 
Share-based compensation expense 1,531 1,600 4,819 16,436
 

*As a result of purchase accounting rules, the operating results of the pre-merged PhotoMedex for the three-month and nine-month period ended September 30, 2011 are not included in the above consolidated statements of operations for the periods ended September 30, 2011.

       

PHOTOMEDEX, INC.CONSOLIDATED STATEMENTS OF REVENUES(UNAUDITED)

                   
For the three months ended:
September 30, 2012 June 30, 2012 September 30, 2011
Consumer:
Direct $ 30,001 $ 33,696 $ 18,614
Distributors 9,388 7,007 8,492
Retailer and home shopping channels   10,249   9,761   6,526

sub-total

49,638 50,464 33,632
 
Physician Recurring
XTRAC treatments 2,173 1,977 -
Skin care 1,907 2,135 -
Other   1,041   1,162   -
sub-total 5,121 5,274 -
 
Professional 1,922 3,168 1,113
     
Total Revenues $ 56,681 $ 58,906 $ 34,745
 

 
PHOTOMEDEX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
           
 
September 30, 2012 December 31, 2011
Assets
Cash, cash equivalents, and short-term investments $ 54,807 $ 16,549
Accounts receivable, net 20,516 12,393
Inventories 23,962 19,208
Other current assets 22,228 13,690
Property and equipment, net 5,993 5,324
Other non-current assets   75,150   78,399
Total Assets $ 202,656 $ 145,563
 
Liabilities and Stockholders' Equity
Accounts payable and accrued liabilities $ 29,004 $ 26,900
Other current liabilities 4,381 1,948
Bank and lease notes payable 17 2,232
Other liabilities 3,794 2,405
Stockholders' equity   165,460   112,078
Total Liabilities and Stockholders' Equity $ 202,656 $ 145,563
 

 

PHOTOMEDEX, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)

           

For the three months ended September 30,

For the nine months ended September 30,

2012         2011 2012       2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 7,525 $ 4,249 $ 16,595 $ 2,289
 
Adjustments to reconcile net income to net cash provided by operating activities--
Depreciation and amortization 1,402 90 4,176 274
Provision for doubtful accounts 1,313 570 3,404 2,378
Deferred income taxes 904 943 (332 ) (5,162 )
Stock-based compensation 1,531 1,600 4,817 16,436
Changes in assets and liabilities:
(Increase) decrease in--
Current Assets 80 2,730 (23,647 ) (7,964 )
Current liabilities   (4,058 )   (13,749 )   6,018     2,789  
Net cash provided by (used in) operating activities   8,697     (3,567 )   11,031     11,040  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds (investment) in short-term deposits (18,000 ) 6,000 (18,000 ) 14,500
Lasers placed in service (1,180 ) - (2,129 ) -
Purchases of PP&E, net (60 ) (136 ) (277 ) (229 )
Other   29     (38 )   (34 )   (110 )
Net cash (used in) provided by investing activities   (19,211 )   5,826     (20,440 )   14,161  
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of options/issuance of securities 148 9 37,800 9
Repayments of debt (108 ) - (2,457 ) -
Open market purchase of common stock   (5,342 )   -     (5,342 )   -  
Net cash (used in) provided by financing activities   (5,302 )   9     30,001     9  
EFFECT OF EXCHANGE RATE CHANGES ON CASH   (263 )   -     (337 )   -  
NET INCREASE IN CASH AND CASH EQUIVALENTS   (16,079 )   2,268     20,258     25,210  
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD   52,886     30,523     16,549     7,581  
 
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 36,807   $ 32,791   $ 36,807   $ 32,791  
 

*As a result of purchase accounting rules, the operating results of the pre-merged PhotoMedex for nine- months ended September 30, 2011 are not included in the above condensed statements of cash flows for the period ended September 30, 2011.

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